Wheat Lower on Lack of Support

Wheat Lower on Lack of Support

I’m KayDee Gilkey with the Market Line Report for March 22, 2013. 
Wheat closed lower at all three exchanges failing to generate any support. From the floor of the CME Group Mike Seery shares his observations of Thursday’s markets.

Seery: “Well the grain markets are kind of mixed today but they’ve been trending higher in recent weeks. The wheat market has bottomed about a three week high we’re at about 7-30 in the May contract all due to extremely cold weather. They are worried about maybe possibly damaging the crop -- I don’t believe that is really the case. I just think the commodities soft is over as a whole is probably over and the bull market are going to to start re-establishing themselves especially in the grain markets come springtime.”

Chicago May Wheat ended Thursday down 7 and 1/4 cents at 7-28 and 3/4. May corn ended the day up a half of a cent at 7-33.

Portland prices for soft white wheat and club wheat were mixed down 7 and 1/4 to up 2 cents at mostly 8-53 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were down 5 and 3/4 cents at mostly 9-00 and 1/2. DNS wheat with 14 pct protein prices were down 6 and 3/4 cents at mostly 9-51 and 3/4.

April live cattle were up Thursday 37 and a half cents at 126-42 and a half. April Feeder cattle were up 65 cents at 138-30. April class III milk was up 2 cents at 17-59.